Myoko locals fear foreign investment impacts on community

In Myoko, Japan, a $1.4 billion mega-resort is being planned by the Patience Capital Group from Singapore. The resort aims to create 1,000 jobs and boost winter tourism. However, many local residents express concerns about the impacts of increased foreign investment. The town of Akakura, part of the Myoko region, has seen a rise in foreign ownership of local businesses, which primarily operate during the winter season. Once known for its hot springs, Akakura now struggles to attract visitors in the summer. Only about 10 of the 80 inns in the area are open year-round. Residents worry that Myoko might face overdevelopment, similar to Niseko, another famous ski resort. The influx of foreign investment in places like Niseko has led to rising property prices and costs for locals. Inflation has affected everything from labor rates to basic food items, making it difficult for residents to afford daily life. Ken Chan, founder of Patience Capital, acknowledges local fears. He plans to include year-round attractions at the resort, such as business conference facilities, and is considering discounts for local residents. There are plans for a meeting with Myoko residents to discuss their concerns. The mayor of Myoko City, Yoji Kido, is cautiously optimistic but also aware of the potential challenges. His city is exploring new regulations for large projects to address local worries. Business owners, like Koji Miyashita, emphasize that development should respect and preserve the local culture. They wish to avoid becoming another tourist-driven area like Niseko.